McDonnell signs economic-development legislation

During an afternoon visit to ICF International in Martinsville while on his “Virginia: Growing Strong” statewide tour, Gov. Bob McDonnell today ceremonially signed job creation and economic development legislation, including measures from his 2012 jobs and economic development agenda. 

McDonnell was joined today by Lt. Gov. Bill Bolling as well as members of the General Assembly and ICF International Chairman and CEO Sudhakar Kesavan.  In April 2011, McDonnell announced ICF International’s plans to open its first operations center for Business Process Management in Henry County, building a $15 million center and bringing more than 500 new jobs to the region. Today, the governor marked the grand opening of the facility with an official ribbon-cutting.

“The nine pieces of legislation I am signing today will help us attract private sector jobs to Virginia through the extension of the major jobs facility tax credit, improvements to infrastructure regulations, encouraging facility expansion and strengthening the criteria of our economic development initiatives.  The legislation being signed today will increase our economic competitiveness, continue to make Virginia the best state for business and create a Commonwealth of Opportunity for all Virginians. Most importantly, it will mean more good paying jobs being created here in the Commonwealth,” McDonnell said.

 

Bills signed today

HB559 (D. Marshall) / SB511 (Wagner) – Natural Gas Infrastructure for economic development
·         Allows natural gas infrastructure expansion for the purpose of economic development projects where it is not already available.

HB587 (Merricks) / SB418 (Stanley) – Improves the process to approve 138kv transmission line
·         Eliminates the requirement that an electric transmission line of 138 kv obtain State Corporation Commission approval, based on findings that the line is needed and that its corridor or route will reasonably minimize adverse impact on the scenic assets, historic districts, and environment of the area concerned, if a certificate of public convenience and necessity for the line is not required.

HB243 (Cline)/ SB338 (Newman) – Strengthens the Virginia Investment Act to encourage additional investment
·         Decreases from five to three years the legal presence requirement to be considered an existing Virginia manufacturer under the Virginia Investment Partnership Act

HB714 (Kilgore)/ SB368 (Reeves) – Encourages additional investment through the major business facility job tax credit
·         Extends the time period during which the major business facility job tax credit may be taken within a two-year allowance

HB841 (James) – Expands eligibility for full-time job creations tax credit and grant
·         Allows a business creating permanent, full-time positions to be eligible for both the major business facility job tax credit and enterprise zone job creation grants.


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